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MAY
8, 2009 – SUMMIT
HIGHLIGHTS
18th
Annual Affordable
Housing
Summit Emphasized
Strategies for
Creating and
Preserving
Affordable Housing
in a Recovering
Economy
The
18th annual
Affordable Housing
Summit on Friday,
May 8 at the
Bethesda North
Marriott Conference
Center delivered on
its promise to
“provide reasons for
optimism” to those
who provide, develop
and preserve
affordable housing
in Montgomery
County.
Federal government
officials --
including Carol
Galante, the
newly-appointed HUD
official in charge
of Multifamily
housing -- brought
news of stimulus
programs and
exciting
opportunities
available to
developers in both
the public and
private sectors and
she reaffirmed HUD’s
strong interest in
multifamily rental
housing following a
decade of misguided
interest in
homeownership by the
federal agency in
charge of public and
assisted housing.
·
Keynote Speaker
Carol Galante
announced: “We at
HUD are committed to
restoring federal
leadership on
promoting affordable
rental housing”.
Elected officials,
Congressman Chris
Van Hollen and
Montgomery County
Executive, Ike
Leggett, renewed
promises to continue
the progress in
affordable housing
creation that had
begun prior to the
economy’s downturn.
Ike
talked to everyone
about the importance
of carrying on the
progress we have
made in developing
more affordable
housing in
Montgomery County.
Even though the
county is going
through one of the
toughest economic
times it has ever
gone through,
developing and
preserving
affordable housing
MUST remain a
priority – Now is
the time when people
need affordable
housing the most; it
is not the time to
reduce funding. Ike
announced that his
2010 budget includes
$25 million for
affordable housing
through the Housing
Initiative Fund.
Ike
also raised the
issue of accessory
apartments – that
is, allowing people
to create apartments
in their homes and
rent them out. He
told the group that
legislation allowing
homeowners to do
this is being
readied for
introduction. The
issue should appear
on the county’s
legislative agenda
this year.
Eight
Panels convened
throughout the day
helped the more than
400 attendees learn
about new
opportunities.
Popular panels
included “The
Resurgence of Rental
Housing,” “Stimulus
Package Benefits”and
“Investment
Strategies in
Uncertain Times.”
Other
highlights of the
conference included:
-
Raymond Skinner,
Secretary of the
Department of
Housing and
Community
Development for the
State of Maryland,
announced that $28
million from the
2009 Recovery
Funding Act will go
toward the
development of
affordable senior
and multifamily
rental projects in
Maryland. This
means 22 projects
will receive Federal
Low-Income Housing
Tax Credits and
Rental Housing Funds
will go toward
developing 2,017
units with 215 units
specifically
targeted for
disabled residents.
- The
presentation of the
Conference’s first
“Builder of the
Year” award to Prem
Puri, a Gaithersburg
developer who
donated materials
worth $600,000
toward the
construction of a
new 4600 sq. ft.
home to a local
family who faced
homelessness after
taking in ten
orphaned chidren
from a family member
who passed away.
- The
Conference also
presented Eugene F.
Ford, Sr. with the
“Paul Sarbanes
Excellence in
Community Service”
award for his
tremendous
contribution to
creating and
preserving
affordable housing
over the past 40
years. Mr. Ford
founded Mid-City
Financial Corp.,
Edgewood Management
Corp. and CPDC, an
affordable housing
nonprofit, dedicated
to providing
affordable homes to
low income
residents. |
